ABS-CBN to cut more jobs to stay afloat as it welcomes new capital

Insider Spotlight

• ABS-CBN said its new investors will not take control of the company, which will remain Lopez-led under its current management.
• The fresh P6-billion investment strengthens the company’s finances but does not resolve its operating challenges.
• ABS-CBN is cutting about 230 more jobs as it moves to reduce broadcast losses and preserve cash.

ABS-CBN Corp. is preparing another painful round of layoffs as the media company races to stabilize its finances and rebuild its business after fresh capital was infused by new investors.

During a town hall meeting with employees on the morning of Tuesday, Sept. 15, 2026, ABS-CBN president and CEO Carlo Katigbak said the Lopez family will remain in control despite the entry of new investors. Current leaders, including Katigbak and chair Mark Lopez, will remain, while the investors will have board representation.

Why it matters

According to sources who were privy to the gathering, Katigbak described the P6-billion investment as a vote of confidence from sophisticated investors who believe ABS-CBN can succeed. But he acknowledged that the capital alone will not solve the company’s challenges.

Carlo Katigbak and Mark Lopez

The ABS-CBN leaders briefed staff on Tuesday about another round of job cuts at the broadcast firm.

The funds will partly go toward obligations to banks and employees, while ABS-CBN will preserve cash as a buffer against a weaker economy.

Seven months earlier, Katigbak said he spoke with chair emeritus Eugenio “Gabby” Lopez III, who told him the company’s present difficulties were harder than what ABS-CBN experienced during martial law.

The painful part

ABS-CBN is undertaking another round of retrenchment affecting about 230 employees, with reductions determined by line of business. Katigbak said cost-cutting alone is insufficient but called the layoffs necessary for the company’s survival.

“I wish the price of keeping ABS-CBN alive was not this high,” he said.

Katigbak said this would be the last retrenchment under his leadership. Management also acknowledged shortcomings in taking care of employees, saying the immediate priority is putting ABS-CBN on solid financial ground.

What’s next

In the short term, ABS-CBN plans to fix its broadcast business — still its largest revenue generator but also its biggest source of losses — as advertisers face a difficult year.

Its medium-term strategy is to scale its digital operations, although Katigbak acknowledged limits to how much market share the company can capture online. Longer term, ABS-CBN wants to become a global content company and storyteller, with management expressing confidence it can produce a global movie hit next year through a Hollywood studio partnership.

Creditors have responded positively to the investment, with ABS-CBN saying there is no danger of foreclosure and that debt restructuring talks are in their final stages.

“ABS will always fulfill their obligations. we have made painful decisions to fulfill them,” Katigbak told staff. “No matter what we will find a way to fulfill obligations.”

— Edited by Daxim L. Lucas